"We share City Council's desire to develop a world-class arena for $450 million, but two years of design and engineering work tell us it simply cannot be done without sacrificing the public's demands for an iconic arena that is well-integrated with surrounding neighbourhoods, or in a way that makes economic sense for both parties.
"The Katz Group is committed to continuing to work with the City to find creative solutions that work for both sides so that we can get on with the business of ensuring the Oilers' long-term sustainability and accelerating the revitalization of the downtown core.
"In the pursuit of these shared goals, the Katz Group has invested countless hours and millions of dollars towards the design and development of a new downtown arena, plus approximately $70 million, including land acquisition costs, to advance the related private sector development. This far exceeds City Council's requirement that the Katz Group invest $30 million towards development of the arena district prior to the commencement of construction of the arena itself. We have also offered to pay a fair share of arena construction costs above $450 million as part of a comprehensive package that makes economic sense. We have made these investments of time and money in good faith and without regret and continue to believe this project can and must succeed."